The most dreaded part of year for most of us is approaching; tax season! Whether you get your income from an honest days work or through “Tony Soprano” blessed activity, the IRS wants your money!
With this in mind, those of you who venture into illicit financial ventures, please be aware of the following from our friends at the IRS:
“Bribes. If you receive a bribe, include it in your income.” – IRS Publication 525 (2019) p. 25.
“Kickbacks. You must include kickbacks, side commissions, push money, or similar payments
you receive in your income…- ibid. p. 33.
Of course, once has to wonder if the IRS might share any suspicious “income” declarations with their brothers and sisters at the FBI. Good luck!